Latest news with #SR400
Business Wire
16-07-2025
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to Public Finance Authority (Georgia SR 400 Express Lanes Project) $3.6 Billion PABs and SR 400 Peach Partners, LLC's $4 Billion TIFIA Loan
NEW YORK--(BUSINESS WIRE)--KBRA assigns its BBB+ preliminary rating to the Public Finance Authority's $3.6 billion senior lien toll revenue bonds, series 2025 (Georgia SR 400 Express Lanes Project) (the private activity bonds (PAB)), which support the Georgia SR 400 Express Lanes Project. KBRA also assigns its BBB preliminary rating to SR 400 Peach Partners, LLC's $4 billion TIFIA loan. The Outlook is Stable. In August 2024, the consortium formed by Meridiam SR-400, LLC, Acciona Concesiones S.L., and ACS Infrastructure Development Inc. (collectively the sponsors) was selected as the preferred bidder to develop the SR 400 express lanes in Atlanta (the project) through SR 400 Peach Partners, LLC (the borrower), a single-purpose vehicle to be wholly owned by the sponsors. The project is part of GDOT's major mobility investment program (MMIP). The dynamically-priced express lanes will extend through 16 miles along Georgia state route 400, between the MARTA North Spring Station in Fulton County, and McFarland Parkway in Forsyth County. The project is a key north-south corridor serving the Atlanta-Sandy Springs-Alpharetta metropolitan area, connecting the city to its northern suburbs. The Public Finance Authority will place approximately $3.6 billion in private activity bonds (PAB) as a conduit issuer and will lend the proceeds to the borrower. Concurrently, the borrower will enter into a separate loan agreement with TIFIA for an additional $4 billion that will be generally subordinated to the PABs. To access ratings and relevant documents, click here. Click here to view the report. Methodologies Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1010377
Gulf Insider
02-07-2025
- Gulf Insider
Saudi Arabia Uncovers 18 Major Corruption Cases Involving Doctors, Police Officers And Officials
Saudi Arabia's Oversight and Anti-Corruption Authority (Nazaha) has uncovered a series of major corruption cases implicating government employees, law enforcement officers, and private sector figures, as part of its ongoing campaign to uphold transparency and accountability. In a statement issued Monday, Nazaha revealed it had initiated 18 new cases of financial and administrative misconduct. The operations, carried out in coordination with various ministries and security agencies, have led to multiple arrests and the launch of legal proceedings. Among the more serious violations, a resident doctor at a government hospital was suspended for allegedly issuing fake sick leave reports and other fraudulent medical documents in exchange for bribes — a case uncovered in collaboration with the Ministry of Health. Two customs officials at a sea port were arrested after accepting SR400,000 in bribes from a customs clearance agent to illegally facilitate the import of trucks. In a separate incident, a land port employee used an official customs vehicle to steal seized contraband, including cartons of cigarettes. In cooperation with the Ministry of Interior, Nazaha also arrested a non-commissioned police officer and a municipal employee for accepting SR110,000 from business owners in exchange for unauthorized access to scrap metal from demolished government buildings. That metal was later sold for more than SR4.6 million. A senior police officer was suspended for allegedly accepting bribes to influence ongoing investigations. In another case, a military employee and a foreign national were arrested for extorting a company staff member and seizing SAR 707,000. Nazaha reported the arrest of a judicial clerk, caught receiving part of a SAR 65,000 bribe in exchange for promising a not-guilty verdict. A municipal licensing director was also found to have canceled business violations after receiving unexplained financial transfers totaling over SR7 million. Other violations included a King Fahd Causeway employee diverting SR55,000 in toll fees, a port inspector accepting a bribe from a ship captain, and a Ministry of Commerce staffer bribed to suppress a ruling on commercial fraud. In the healthcare sector, a procurement director at a regional health cluster offered a SAR 100,000 bribe to manipulate tender results. In a separate case, a medical supply official solicited SAR 380,000 from a healthcare company to secure supply contracts. Nazaha emphasized that its efforts reflect the Kingdom's commitment to eradicating corruption and enforcing integrity at all levels of public service. The authority reaffirmed that no individual or institution is above the law, aligning with Saudi Arabia's Vision 2030 goals for transparency and good governance.
Gulf Insider
01-07-2025
- Politics
- Gulf Insider
Saudi Arabia Announces New Corruption Crackdown With Arrests Across Public And Private Sectors
Saudi Arabia's Oversight and Anti-Corruption Authority (Nazaha) has announced on Monday a new wave of criminal cases as part of its ongoing campaign to root out corruption and strengthen integrity across the Kingdom. The latest round of investigations has resulted in multiple high-profile arrests spanning customs, municipal affairs, the judiciary, education, healthcare, and security sectors. In a statement issued through official channels, Nazaha reaffirmed its firm commitment to transparency, accountability, and good governance. Among the most notable cases, two customs employees and a broker were arrested after allegedly accepting SR400,000 in bribes to unlawfully expedite the import process for trucks. Meanwhile, in a separate case, a police officer and a municipal employee were detained for receiving SR110,000 from business owners in exchange for facilitating the illegal extraction and sale of metals from government buildings, a scheme that reportedly generated over SR4.6 million in profit. Judicial integrity also came under scrutiny, with a court clerk arrested after taking SR32,500, part of a promised SR65,000, to influence the outcome of a criminal case and secure an acquittal. In the education sector, a resident was taken into custody for receiving over SR230,000 to manipulate the awarding of subcontract work on Ministry of Education projects. Municipal corruption featured prominently in the new cases. One department head was found to have SR7.1 million in personal accounts linked to the illegal cancellation of commercial fines. At the King Fahd Causeway, an employee was caught pocketing over SR55,000 in crossing fees, while also using his personal permit to allow unauthorized vehicle passage. In a particularly serious case, a Ministry of Interior security officer and an accomplice were arrested for kidnapping a company collector and stealing SR707,000. Other violations included municipal employees accepting bribes to overlook regulatory breaches, shop violations, and illegal construction activity. The healthcare sector was not spared. Senior procurement officials in regional health clusters were arrested for soliciting bribes in exchange for awarding contracts. One official was also accused of offering SR100,000 to a colleague to manipulate contract outcomes. Additionally, a doctor at a government hospital was arrested for issuing fraudulent medical leave documents in exchange for payment. Nazaha emphasized that all individuals involved in these cases will be held fully accountable, regardless of rank, affiliation, or retirement status. The Authority reiterated that corruption-related crimes are not subject to a statute of limitations, affirming its unwavering dedication to enforcing the law and preserving the public interest.
Saudi Gazette
01-07-2025
- Saudi Gazette
Saudi Arabia announces new corruption crackdown with arrests across public and private sectors
Saudi Gazette report RIYADH — Saudi Arabia's Oversight and Anti-Corruption Authority (Nazaha) has announced on Monday a new wave of criminal cases as part of its ongoing campaign to root out corruption and strengthen integrity across the Kingdom. The latest round of investigations has resulted in multiple high-profile arrests spanning customs, municipal affairs, the judiciary, education, healthcare, and security sectors. In a statement issued through official channels, Nazaha reaffirmed its firm commitment to transparency, accountability, and good governance. Among the most notable cases, two customs employees and a broker were arrested after allegedly accepting SR400,000 in bribes to unlawfully expedite the import process for trucks. Meanwhile, in a separate case, a police officer and a municipal employee were detained for receiving SR110,000 from business owners in exchange for facilitating the illegal extraction and sale of metals from government buildings, a scheme that reportedly generated over SR4.6 million in profit. Judicial integrity also came under scrutiny, with a court clerk arrested after taking SR32,500, part of a promised SR65,000, to influence the outcome of a criminal case and secure an acquittal. In the education sector, a resident was taken into custody for receiving over SR230,000 to manipulate the awarding of subcontract work on Ministry of Education projects. Municipal corruption featured prominently in the new cases. One department head was found to have SR7.1 million in personal accounts linked to the illegal cancellation of commercial fines. At the King Fahd Causeway, an employee was caught pocketing over SR55,000 in crossing fees, while also using his personal permit to allow unauthorized vehicle passage. In a particularly serious case, a Ministry of Interior security officer and an accomplice were arrested for kidnapping a company collector and stealing SR707,000. Other violations included municipal employees accepting bribes to overlook regulatory breaches, shop violations, and illegal construction activity. The healthcare sector was not spared. Senior procurement officials in regional health clusters were arrested for soliciting bribes in exchange for awarding contracts. One official was also accused of offering SR100,000 to a colleague to manipulate contract outcomes. Additionally, a doctor at a government hospital was arrested for issuing fraudulent medical leave documents in exchange for payment. Nazaha emphasized that all individuals involved in these cases will be held fully accountable, regardless of rank, affiliation, or retirement status. The Authority reiterated that corruption-related crimes are not subject to a statute of limitations, affirming its unwavering dedication to enforcing the law and preserving the public interest.
Arab News
01-05-2025
- Entertainment
- Arab News
Photography competition winners celebrate Saudi landscapes and stories
JEDDAH: Two new photography exhibitions in Jeddah are celebrating the work of the winners of a competition that awarded a total of SR400,000 in prize money to participants. 'Hayy Aynak — In a New Light' and 'When the Fog Whispers' were opened by the Visual Arts Commission at Hayy Jameel on Wednesday. The exhibitions will run until May 25 in conjunction with the third Kingdom Photography Award, which began earlier this year. The award has become a prominent platform for capturing the spirit of Saudi Arabia through the lens of its creative talents. This exhibition celebrates the Kingdom's natural beauty, cultural richness and artistic innovation through photography. The competition invites artists to explore a specific region of the Kingdom through their work. Dina Amin, CEO of the Visual Arts Commission, told Arab News: 'The idea is to start to create through the lens of different photographers and their creative process, a body of work that captures the richness of the landscapes of Saudi Arabia through different languages of expression, different creative processes, different types of photography and storytelling to really create a visual odyssey almost through the landscape, the people and the environment of Saudi Arabia today.' She added: 'If you look in today's exhibition, you'll see some of the photographers have chosen to look at natural environment, landscape. Others have chosen to look at population and populated environments, so to speak, whereas others are really looking at tradition and history. So, with each engagement, we start to have this beautiful journey.' The 'Hayy Aynak' exhibition presents the winning works from the third running of the award, which received more than 1,300 submissions and awarded a total of SR400,000 in prizes. The exhibition celebrates the aesthetics and diverse landscapes of the Kingdom — from the buzz of urban life to the stillness of the desert. An international jury evaluated the submissions and selected the most compelling and meaningful stories based on creativity, technical proficiency and the narrative power of visual storytelling. The second exhibition, 'When the Fog Whispers,' takes visitors on a personal and emotional journey to the Asir region, long a source of artistic inspiration thanks to its mist-covered mountains and deep-rooted cultural heritage. Five artists were selected to create special photography projects that reflected their relationships with the Asir landscape. The resulting works are visually captivating and rich in reflection, documentation and human connection. Mohammed Sumji, the curator of the third outing of the award, told Arab News about the experience of bringing photographers together to explore the distinctive landscape of Asir. 'We selected the region of Asir, and the five photographers that we selected were known to me, and I basically selected them based on their potential to make works especially around Asir because they practice dealing with either stories of people's lived experiences or landscapes. I'm very happy with how it's come out.' Saudi photographer, Abdulmajeed Al-Ruwaidan, chose the theme 'Roadside Stations' for his submission, documenting the architecture of old Saudi gas stations before they disappeared under modern development. Elham Al-Dossary, also from Saudi Arabia, chose the theme 'Crossing Asir,' blending her late father's archive as a photographer with contemporary images to create a visual narrative that meditates on memory and transformation. For the past two years, Ilham has been helping her father archive his work, and a small part of that archive is dedicated to his time in Asir. 'He has an archive at home that dates back to the 1960s and '70s,' she told Arab News. She continued: 'The archive became a way to view Asir through a personal and familial lens. 'There's a connection between me and my father — through the land, through the people — and I also wanted to explore more stories, not just about him, but about life there and the areas we photographed, like Al-Habla and others.' Mohamed Mahdy, from Egypt, titled his collection 'When the Land Loves You.' It is a poignant portrayal of the emotional connection between the people of Asir and their land, captured through nostalgic and heartfelt imagery. Lina Geoushy, also from Egypt, called her collection 'Daughters of Al-Qatt.' Hers is a colorful celebration of the women who sustain the traditional Al-Qatt Al-Asiri artform, recognized by UNESCO. Her photographs honor this living tradition. She told Arab News: 'This photo is especially important to me because it's in this very rich village, Rijal Almaa … it plays on the idea of the inside and the outside, the internal spaces or imaginaries and the landscape; the lady in the photo is Sharifa Mahdy, who's been practicing this art for 25 years, and she learnt it from the famous Fatima Abou Gahas. 'Apart from it being a life tradition, Qatt art has healing powers … it gives them confidence and positivity and it's sort of like a refuge for them.' Hicham Gardaf, from Morocco, created a collection titled 'The Road to the Juniper.' It is a meticulously crafted visual journey through juniper forests, where nature becomes a silent cultural archive filled with untold stories. He told Arab News: 'I imagined this massive juniper tree with roots spreading across Asir — like routes we travel, all leading back to this one tree that connects the land, the people and their stories.' Throughout the exhibition period, the Visual Arts Commission will also host a series of interactive workshops and panel discussions featuring local and international experts. These sessions aim to create space for dialogue, skill development and knowledge exchange, enriching visitors' experience and fostering artistic and professional growth across various fields of the visual arts.
